In less than 7 hours, I'll be ringing in the New Year in California. Those of you who are in Vietnam have already celebrated yours and are probably just waking up to the New Year (or maybe not.) As I wait to pop the champagne, let's take a quick look at what Vietnam has accomplished this year and see what needs to be done in 2008.
2007 has been a great year for Vietnam and there is much to celebrate. The year marks many significant achievements including: a successful first year membership in the WTO, a record foreign direct and indirect investments (FDI and FII), the most attractive manufacturing destination (beating out China), and the fastest improvements in living standards in the world.
There is no doubt 2008 will be another successful year. However, Vietnam does have quite a few challenges to undertake but I believe it will do a good job at tackling them. Here is my short list of what Vietnam needs to focus on in 2008 and beyond.
1. Education, Education, Education. I can't stress enough on the importance of education. It is the ticket to economic prosperity and to solving many of Vietnam's problems. The areas to focus on at the moment are technology, science, and business management.
2. Infrastructure -- anyone one who has been in Vietnam will immediately know what I am talking about. Vietnam must reduce congestion, traffic accidents, and road pollution and it must do it fast.
3. Corruption & Regulatory System -- corruption one of the biggest gripes to doing business in Vietnam. Vietnam has devoted a lot of attention to fighting corruption but it needs to do more, a lot more (I know, I know...easier said than done.) Vietnam needs to cut down its bureaucracy and red tape. The rules must be easier, straightforward, and more transparent--complicated, burdensome, and murky rules make it much harder to fight corruption.
4. Viet Kieu -- Vietnam must continue to solicit Viet Kieu to return to Vietnam. It needs to promote an open environment for Viet Kieu to express opinions and share ideas--in business, education, and civil liberties.
5. Small and Medium-sized Businesses -- these businesses are huge contributors to Vietnam's economic growth. Vietnam must create favorable conditions to attract new small and medium start-ups (both domestic and foreign) and to foster their growth.
Vietnam is one of the great untapped emerging markets and I think 2008 will be an amazing year.
Cheers to a happy and prosperous New Year!!!
Monday, December 31, 2007
Happy New Year Everyone!!
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1 comments:
I worked in Vietnam for a year and go back at least once a year.
Education - They spend far too much time brainwashing the kids with communist propaganda. They need to spend that time teaching them real critical thinking skills instead. I know critical thinking is dangerous to the current government but they can't have their cake and eat it too.
Infrastructure - Look outside at the power pole. See that ugly rats nest of cabling? Yeah. That's why the electricity and Internet fail regularly. Or at least a big part of it. They need to clean that up. But it's going to cost money. And the roads...ugh. The rode widening project on Nguyen Van Troi
Nam Ky Khoi Nhe streets took forever and made tons of dust. Contractors are incredibly slow and messy and are involved in lots of corruption. That has to change...somehow.
Corruption - Yeah. My associates paid bribes left and right when doing business there. I try hard to avoid it. It is a big part of the reason why I am hesitant to do business there anymore.
Viet kieu - Absolutely right. They need to import some skills and business know-how from the outside world and the viet kieu are the ticket.
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